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Minyanville's T3 Daily Recap: Dow Keeps Dropping, Traders Look Ahead to Facebook IPO


Apple was a drag on the market, which makes it very difficult for the indices to bounce.

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Stocks fell again Wednesday, with the Nasdaq the hardest hit index, falling 0.68%. The Dow (^DJI) fell for the tenth time in 11 sessions, but held up best, shedding only 0.26%. Anxiety over Greece continues to run rampant, and it seems almost inevitable that they are headed for the eurozone exit door.

Investors were looking forward to today's Fed minutes for possible hints of QE3, but the status quo was little-changed within the FOMC. The last Fed meeting that was reflected within these minutes came before all of the May selling in the market, which could lead to a different tone from policy makers.

Commodities continued their slide without an inflationary lift from the Fed. The United States Oil Fund (USO) fell 0.65%, and the Gold ETF (GLD) fell 0.19%.

Apple (AAPL) was a drag on the market, which makes it very difficult for the indices to bounce. The stock fell 1.28%, accelerating lower after breaking major support yesterday. A solid bounce in the last 10 minutes pared some losses for Apple on the day.

The buzz over the Facebook (FB) IPO continues to grow, and high demand has prompted the company to increase the size of the offering, with early investors taking advantage to sell larger chunks of their stakes amid the hysteria. Opinions are wide-ranging on the IPO, many touting it as the leading company of a new generation, and others decrying the company's business model as unproven and questionable.

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